Argentina's President Cristina Fernández has opened work on a third beltway for capital Buenos Aires, according to a presidential release.

The Juan Domingo Perón toll highway is budgeted at 1.7bn pesos (US$423mn) and will be built with government funds.

The project has been divided into four stretches and work has begun on the first three, which total 49.6km. The route of the final stretch is still to be defined.

The highway will continue the Camino del Buen Ayre beltway, connecting with the Buenos Aires-La Plata highway, joining the west side of the capital city to La Plata without passing through the city center.

The highway initiative is part of a 71bn-peso (US$19.5bn) anti-crisis package announced by Fernández in 2009.